Biopharma’s Winners And Losers Of 2023: Obesity Drugs Reshape Big Pharma

Novo Nordisk and Eli Lilly kickstarted an obesity drug revolution in 2023, just as investors cooled on biopharma’s vaccine saviors as the world looked to move on from COVID-19.

When the pharma history books are written, 2023 will be known as the year that obesity drugs, led by Novo Nordisk’s Wegovy, become household names – and the investor rush into the companies making them helped create a new world order in the biopharma sector.

Eli Lilly and Novo rapidly overtook their peers to end 2023 as the two largest pharma companies by market cap, eclipsing competitors such as

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